Melbourne house values tumble to $952k ahead of RBA decision

Melbourne’s median house price has dropped for the twelfth month in a row. Picture: Jake Nowakowski. Melbourne’s median house price has declined for its twelfth consecutive month with an almost $2000 cut across October that’s brought its losses to almost $74,000 in a year. The city recorded a $952,000 median house price in realestate.com.au’s October Home Price Index, as experts warn an expected Reserve Bank interest rate hike on Tuesday would further reinforce the downturn. The report shows a 0.2 per cent fall for the median house price in Victoria’s capital in October, contributing to an overall 7.2 per cent decline across the previous 12 months. RELATED: Albanese government 1.2 million homes target will fail on location Melbourne family face mortgage crunch as they prepare to upsize $960k Maidstone sale ends in tears after buyers’ emotional pledge Realestate.com.au senior economist Eleanor Creagh says when borrowing capacity falls, many buyers adjust their desired location, property size or type. Between October 2025 and October 2026, Melbourne’s median house price fell by more $73,000, equating to an average drop of more than $202 a day. Picture: Jake Nowakowski. That would mea...